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23-Year-Old Sophia Hutchins, Jenner Family Insider, Raises Millions For Post-Makeup Sunscreen Mist

Sunscreen and makeup: a game of compromise, imperfection, skin damage and expensive products. 23-year-old Sophia Hutchins, who calls Caitlyn Jenner her “cheerleader,” aims to win that game with Lumasol, the FDA-approved odorless SPF 50+ sunscreen mist engineered to be applied after makeup. With a $3 million seed round from Peter Thiel’s Founders Fund and Greycroft Ventures, she’ll be able to expand her team of 30 employees and bring the product to market in early 2020.

“It’s SPF millennialized,” says Hutchins, surrounded by her three-person media team and director of operations in the Jersey City, New Jersey Forbes office. “We are a health and tech company and [sun protection] is an extraordinarily unaddressed health issue that we’re trying to attack.”

Hutchins, who lives in LA, is a first-time founder but no stranger to cosmetic titans. As a close friend of Caitlyn Jenner, Hutchins witnessed the Olympian-turned activist/socialite’s battle with skin cancer in 2018. And because of her closeness with Caitlyn Jenner, she spends significant time learning from Kylie Jenner and Kim Kardashian, who have built billion-dollar makeup brands Kylie Cosmetics and KKW Beauty from Instagram.

“I have a really good relationship with all of them,” says Hutchins. “What Kylie [Jenner’s] done is amazing. I admire that she’s been able to convert fans, likes and shares into buys—and she works nonstop.”

Hutchins transitioned to a woman as a freshman at Pepperdine University and graduated from the University in 2018 with a degree in economics, with the intention of going into investment banking rather than entrepreneurship. During her senior year, she lamented with her friend, the daughter of Kiehl’s founder, about the impossibility of flawless makeup and sun protection.

From that conversation, she was advised by Nick Drake, CMO of T-Mobile and worked with big three consulting firm to develop a sunscreen product for makeup wearers. Lumasol was born, and with her board of scientific advisors from UCSF, the U.S.-manufactured product was approved by the FDA as an over-the-counter product. The recyclable product will protect from 98% of UV and UB rays and will be sold direct-to-consumer via subscription, according to Hutchins.

“You could compare it to Dollar Shave Club or Harry’s,” says Hutchins. “I know this business is going to be a success.”

For Ian Sigalow, founder of Greycroft Ventures, who has previously led the firm’s investments in Venmo, Braintree and Shipt, he saw the potential for the product from the hundreds of dollars his family of five spends on goopy sunscreen every single year. “There’s an opportunity to do what Juul did for the cigarette category by changing the delivery mechanism and changing the formula somewhat to win really big market share,” says Sigalow, noting that the design firm behind Juul also designed Lumasol, as a conscious effort habituate healthy habits after doing the opposite with the e-cigarette giant.

Lumasol will not be the only ‘mastige’ post-makeup sunscreen spray on the market. Semi-premium sunscreen brand Supergoop retails a SPF 50 setting spray product at $12 per ounce. Coola, Kate Sommerville, Shisheido and Ulta Beauty, among others, offer makeup setting sprays with SPF.

So what compelled Founders Fund send Hutchins a term sheet within an hour of her pitch presentation? “Founders Fund invests in founders, first and foremost. Sophia [Hutchins] was such an incredibly strong person when she came in and pitched us on her vision.” says Cyan Bannister, the partner at Founders Fund who led the round. “She’s identified an underserved market and a product that people would want. The fact is that she can leverage her connections to power the distribution behind the product.”

Lumasol’s packaging is also a huge draw for the investors. The bottle changes color when exposed to UV and UB rays, letting its owner know it’s time for another spritz, and habituating reapplication. Additionally, the product’s design and functionality make it highly ‘grammable—a deliberate strategy for Hutchins’ plan to rely heavily on Instagram influencer marketing, with probable Jenner/Kardashian spots, to market the product.

“There’s obviously precedent with the Jenners in the skincare industry. That was not lost on me when we made the investment,” says Sigalow. “One of our theses around next generation brands is: If you attach an influencer with a huge following to a consumer product, it’s like having your own media channel, so Lumasol’s starting on third base—they’re going to take off.”

In preparation for Lumasol’s Q1 2020 rollout, Hutchins is hiring an “extraordinarily experienced CMO,” adding to the “hundreds” of user tests, and developing her influencer, popup and outdoor event event strategy. “I have a social obligation to give people a product that can seamlessly fit into their lives and also save their lives,” she says.

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I’m the assistant editor for Under 30. Previously, I directed marketing at a mobile app startup. I’ve also worked at The New York Times and New York Observer. I attended the University of Pennsylvania where I studied English and creative writing.

Source: 23-Year-Old Sophia Hutchins, Jenner Family Insider, Raises Millions For Post-Makeup Sunscreen Mist

Sophia Hutchins is an entrepreneur at the crossroads of health, beauty and tech. She is both founder and CEO of Luma Suncare Inc. She successfully closed her first round of venture funding in March 2019. She is busily preparing for the launch of her company. Hutchins is an outspoken advocate for women and equality in the workplace. People can often find her speaking to groups within corporate America and her favorite of all groups to speak with are entrepreneurial women. Prior to starting her venture, she served as CEO of the Caitlyn Jenner Foundation.

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Alphabet’s DeepMind Losses Soared To $570 Million In 2018

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DeepMind, the Google-owned artificial intelligence firm on a mission to create human-level AI, had an expensive year in 2018, according to documents filed with the U.K.’s Companies House registry on Wednesday.

The London-based AI lab—founded in 2010 by Demis Hassabis, Mustafa Suleyman and Shane Legg—saw its pretax losses grow to $570 million (£470 million), up from $341 million (£281 million) in 2017, and $154 million (£127 million) in 2016.

DeepMind’s losses are growing because it continues to hire hundreds of expensive researchers and data scientists but isn’t generating any significant revenue. Amazon, Apple, Facebook are locked in an expensive battle with DeepMind and Alphabet to hire the world’s best AI experts, with the goal of building self-learning algorithms that can transform industries.

In 2018, DeepMind spent $483 million (£398 million) on around 700 employees, up from $243 million (£200 million) in 2017. Other significant costs included technical infrastructure and operating costs. In addition, DeepMind spent $17 million (£14 million) on academic donations and sponsorships.

DeepMind also spent $12 million (£9 million) on construction and $1.2 million (£1 million) on furniture and fixtures. The company is planning to move out of Google’s office in King’s Cross and into a new property around the middle of 2020.

While losses at DeepMind have grown, so to have the company’s revenues. Turnover almost doubled in 2018 to £103 million, up from £48 million in 2017. The firm sold some of its software to Google, which has used DeepMind’s AI systems to make the cooling units in its data centers more energy efficient, and improved battery life on Android devices. DeepMind does not make any money from its work with Britain’s National Health Service.

A DeepMind spokesperson provided Forbes with the following statement:

“We’re on a long-term mission to advance AI research and use it for positive benefit. We believe there’s huge potential for AI to advance scientific discovery and we’re really proud of the impact our work is already having in areas such as protein folding.

“Our DeepMind for Google team continues to make great strides bringing our expertise and knowledge to real-world challenges at Google scale, nearly doubling revenues in the past year. We will continue to invest in fundamental research and our world-class, interdisciplinary team, and look forward to the breakthroughs that lie ahead.”

In 2018, DeepMind also passed its Streams application for clinicians to Google. However, this transaction had not been completed by the time the financial statements were filed.

Yann LeCun, chief AI scientist at Facebook, said in an interview last year that he does not think DeepMind has yet proved its worth to Google, adding that DeepMind is too isolated to have a significant impact on the tech giant. “I wouldn’t want to be in the situation Demis [the CEO] is in,” he said.

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I’m a Staff Writer covering tech in Europe. Previously, I was a News Editor for Business Insider Australia, and prior to that I was a Senior Technology Reporter for Business Insider UK. My writing has also appeared in The Financial Times, The Telegraph, The Guardian, Wired, The Independent, and elsewhere. I have also appeared on the BBC, Sky News, Al Jazeera, Channel 5, Reuters TV, and spoken on Russia Today and Shares Radio. In 2015, I was shortlisted for Technology Journalist of the Year by the UK Tech Awards and in 2016 I was nominated as one of the 30 young journalists to watch by MHP Communications.

Source: https://www.forbes.com

 

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